Monday, February 27, 2012

There is really no change to the count from Monday's update. The wave action over the past week or two is now a bit unclear with today's deep retracement of the Thursday-Friday advance, then new high. The count above is preferred, but not by a wide margin. The reason it is preferred is due to the structure of (v) of [iii], the complexity and pattern of [iv], and the structure of (ii) of [v].

The choppy waves rising in a wedging pattern suggest an ending diagonal may be unfolding. There are now several ways to imagine such a pattern, including a wave (v) of [iii] ending diagonal underway.

With little change to the waves, there is no change to the longer term counts.

There is really no change to the count from Monday's update. The wave action over the past week or two is now a bit unclear with today's deep retracement of the Thursday-Friday advance, then new high. The count above is preferred, but not by a wide margin. The reason it is preferred is due to the structure of (v) of [iii], the complexity and pattern of [iv], and the structure of (ii) of [v].

The choppy waves rising in a wedging pattern suggest an ending diagonal may be unfolding. There are now several ways to imagine such a pattern, including a wave (v) of [iii] ending diagonal underway.

With little change to the waves, there is no change to the longer term counts.

My trading philosophy is 95% based on my own Elliott Wave analysis of the S&P 500. I try to keep my analysis and trading as simple as possible and do not use trend lines, channels, or definite retracement, price, or time targets. To me, inspecting the proportionality and symmetry of a market's price structure is the key to mastering the principle; it is through this that low-risk, high-reward trading opportunities are found.

Because they are the only things I look at when trading, the quality of the charts I post on this blog are very important to me. I think you will find my work to be the best Elliott Wave analysis of the S&P 500 on the internet.